The federal government has enacted several consumer protection laws pertaining to residential mortgage lending. Option 1 has attempted to review the most salient points of those laws and discuss areas that are important when consumers are shopping for a mortgage loan. Some of the content of the federal regulations could be open for interpretation. Option 1 and its authors do not represent that the following discussions on the regulations are a accurate; it should not be considered a legal opinion of the law. We suggest that users and readers seek counsel for a comprehensive opinion. The following are major mortgage lending regulations:

Equal Credit Opportunity Act — Regulation B

Home Mortgage Disclosure Act — Regulation C

Truth in Lending Act — Regulation Z